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Ministers increase Eurozone firewall

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Ministers increase Eurozone firewall


Eurozone finance ministers have agreed to boost their crisis rescue fund to 800 billion euros to prevent a new flair up of Europe’s sovereign debt crisis.

The figure was reached at this morning’s meeting in Denmark.

EU Economic Affairs Commissioner, Olli Rehn, admitted there was still more to be done.

“We have made significant progress in the recent weeks and months in terms of fiscal consolidation and in terms of reinforcing our economic governance. Now it is time to complete the crisis response by further reinforcement of the euro area financial firewall,” he said.

But the markets may not be convinced. The figure is achieved by the early activation of a 500-billion-euro fund that had been due to come into effect in July, and by including 300 billion euros already paid or committed to Greece, Portugal and Ireland.

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